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IFFCO offers Rs 2 lakh accident insurance on nano fertilizer purchases, promoting farmer safety and boosting nano fertilizer adoption.
To reduce foreign exchange spent on fertilizer imports and to promote self-sufficiency, scientists from the Institute of Chemical Technology (CSIR-IICT) have developed nano-liquid urea, nano-liquid DAP, and nano zinc (liquid). The Indian Farmers Fertilizer Cooperative Limited (IFFCO) is promoting these nano fertilizers extensively. To encourage farmers to use these innovative products, IFFCO is now offering accident insurance coverage of Rs 2 lakh to farmers purchasing nano fertilizers.
IFFCO, the leading cooperative fertilizer manufacturer in India, has announced that it will provide free accident insurance coverage of up to Rs 2 lakh per farmer on every purchase of nano-liquid fertilizer. This initiative is part of the "Sankat Haran Bima Yojana," which offers financial protection to farmers who buy nano-liquid urea and nano-liquid DAP fertilizers. The Union Agriculture Ministry recently approved IFFCO’s new version of nano liquid urea, called Nano Urea Plus (Liquid), for three years to ensure its effectiveness.
Under the Sankat Haran Bima Yojana, IFFCO offers accident insurance of Rs 4,000 on each bag of their fertilizers. Farmers can avail of this insurance by purchasing up to 25 bags, with the entire premium paid by IFFCO. This benefit is exclusive to fertilizers purchased directly from IFFCO and does not apply to fertilizers from other private companies.
Despite the availability of this insurance scheme, many farmers are unaware of it and thus unable to benefit. IFFCO is actively working to raise awareness through seminars, farmer conferences, and by printing the slogan 'Manure is manure and insurance also comes with it' on fertilizer bags. IFFCO has partnered with Tokio General Insurance Company to provide this coverage.
The Sankat Haran Bima Yojana ensures financial assistance to the family of an insured farmer in the event of an accident. If a farmer dies in an accident within one year of purchasing the fertilizer, the family receives an insurance claim of Rs 2 lakh. For injuries, compensation varies from Rs 50,000 for two damaged body parts and Rs 1,000 per sack for one damaged body part.
To claim accidental insurance under the Sankat Haran Bima Yojana, the farmer must have the receipt of the fertilizer purchase. In case of the farmer’s death, documents like the postmortem report and panchnama are required, while a police report is necessary in case of injury. The insurance covers accidents such as road accidents, drowning, snake bites, gas cylinder explosions, and more, but does not cover natural deaths or suicides.
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This initiative by IFFCO provides significant financial protection to farmers using nano fertilizers, ensuring that their families are supported in times of need. By making nano fertilizers more attractive through insurance benefits, IFFCO aims to boost their adoption and reduce dependency on imported fertilizers.